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We also need to be satisfied that the applicant has the relevant experience and training to successfully operate a business of this type.
Finally, we must be provided with a detailed Projected Cashflow Analysis and Profit & Loss Projections for the first years trading.
The following questions should be addressed in your business plan:
- Describe the products you make or the services you provide.
- Describe the objectives of the business.
- Describe trends in the market and/or the economic climate affecting your business.
- Why you have chosen self-employment.
- Give details of your knowledge and experience and also that of any other personnel involved in the business (attach and up to date CV).
- Have you undertaken any training in connection with your business idea?
- Have any training needs been identified?
- Who do you see as your customers? Describe the market research you have carried out and provide samples.
- What indications have you got that they will buy from you?
- Describe how you plan to sell your product or service and how you will advertise and/or promote your business.
- Provide details of any current competition ie strengths and weaknesses.
- Provide details of your own business's strengths and weaknesses and unique selling points.
- Explain how you think you can achieve success in this market and better your competitors.
- Provide a projected cash flow detailing monthly figures for income and expenditure together with a projected profit and loss account.
- Explain how you arrived at the monthly sales figures identified in your cash flow.
- Give details of your business premises (eg size, location, access, security).
- Give details of all plant, machinery, equipment and vehicles required to operate your business: a) What do you already own? b) What do you need to buy? (give approximate costs).
- Give details of all plant, machinery, equipment and vehicles required to operate your business: a) what do you already own? b) what do you need to buy? (please give approximate costs).
- Provide a summary of business costs ie materials, vehicle costs, telephone, insurance, stationery and printing, National Insurance, wages, personal drawings etc.
- Have you applied for any other financial assistance? Please give details.
- Describe the considerations you have made in relation to the Equality Act 2010.